This is going to be the downfall of the US either we fix it fast or we fall.
There is no fixing it without creating hyperinflation by paying it off with freshly printed money. Or, we could stop spending money that isn't available and cut back on all federal programs, lay off a few million federal workers, which will create a deep and long recession. The option to kick the can down the road is what politicians always choose.
Respectfully I disagree, we could implement responsible spending plans that allowed for paying down the debt in a reasonable way. I mean realistically this would never happen but in theory its possible. Paying it off entirely is literally impossible but it could be reduced to a reasonable level if we started being fiscally responsible. We would not even need to cut welfare programs that people care about to do it, it could easily be done by cutting 3 letter agency budgets but thats just crazy talk.
As soon as we start paying down the debt, without a strong manufacturing base to keep the economy going, things will get rough. There is no responsible paying down the debt while continuously increasing it, and paying foreign countries to make our stuff, which also gives them pricing control. It's a very complex issue that does not have a simple solution. Every way to stop the debt will be painful. Government hasn't been fiscally responsible for over half a century, along with being beholden to international bankers and foreign governments that hold our debt. I hope it changes without pain. i don't believe it will.
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